Bannon Still Faces Another Probe Separate From Border Wall Scheme

Former White House Chief Strategist Steve Bannon introduces fugitive Chinese billionaire Guo Wengui (L) at a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, ... Former White House Chief Strategist Steve Bannon introduces fugitive Chinese billionaire Guo Wengui (L) at a news conference on November 20, 2018 in New York, on the death of of tycoon Wang Jian in France on July 3, 2018. (Photo by Don EMMERT / AFP) (Photo credit should read DON EMMERT/AFP/Getty Images) MORE LESS
Start your day with TPM.
Sign up for the Morning Memo newsletter

The ultra lux location for Stephen K. Bannon’s Thursday arrest might be its own separate headache for the former Trump campaign chairman.

The 150-foot yacht on which Bannon was arrested in coastal Connecticut belongs to a Chinese billionaire named Guo Wengui.

Bannon and Guo have faced mounting scrutiny over their relationship in recent months, both in the press and reportedly from federal law enforcement. In particular, efforts to raise millions of dollars for a media company the two are linked to have reportedly attracted attention from Manhattan and Brooklyn federal prosecutors, as well as the FBI and SEC.

The probe suggests that Bannon may have more to worry about beyond his indictment this morning on charges related to a separate fundraising scheme involving a GoFundMe to finance the private construction of President Trump’s border wall with Mexico.

For years, Bannon has built a relationship with Guo, who sought U.S. asylum in 2017 while accusing Beijing of persecuting him over attempts to expose corruption.

That same year, he and Bannon teamed up publicly, creating a fund to “investigate Beijing.”

It’s not clear precisely when Bannon’s work with Guo began. The New York Times reported last year that it started “shortly after” the former Goldman Sachs exec left the White House in August 2017.

That has since morphed into a sprawling media effort, with Guo making regular appearances with Bannon in various online outlets. Guo Media, a company linked to the billionaire, agreed to pay Bannon at least $1 million per month for “strategic consulting services,” according to a memo obtained by Axios. An attorney for Guo told Axios that Guo was “merely the face” of the company.

Bannon, a former investment banker who has spent the past decade immersed in the world of right-wing filmmaking, has reportedly been spending a lot of time on Guo’s yacht recently.

Bannon hosted an episode of his Youtube show from the yacht’s deck on Wednesday.

Those charges went to allegations around a separate fundraising initiative, aimed at privately funding the Mexico border wall.

But Bannon’s media campaign with Guo appears to be aimed at stoking investigations into corruption in the Chinese government. Bannon, for his part, has long argued that China is America’s main geopolitical foe, and been an advocate of President Trump’s trade war with Beijing.

But recent reports have suggested that efforts to fund the media apparatus may have placed Bannon in the crosshairs of federal law enforcement.

The company, GTV media group, reportedly attracted more than $300 million in a private offering of shares this past spring.

But, according to the Journal, investors said that they never received documentation certifying their investments. Meanwhile, three banks have reportedly frozen access to GTV’s accounts.

Latest Muckraker

Notable Replies

  1. Good, let the house of cards fall.

    Push Bannon to rat…

  2. Avatar for j.dave j.dave says:

    Best Infrastructure Week yet!

  3. Avatar for docd docd says:

    If only there was a regulatory mechanism that could monitor campaigns, then the Trump Campaign might need to be concerned. But since he has ignored yet another obligation of his oath of office, there aren’t enough commissioners to constitute a forum.

  4. Bets on if Bannon gets a deal and sings like a flock of love sick canaries.

  5. Bannon is blown. He is so fucked, he’s in the outer stratosphere.

Continue the discussion at forums.talkingpointsmemo.com

147 more replies

Participants

Avatar for valgalky23 Avatar for austin_dave Avatar for jw1 Avatar for littlegirlblue Avatar for rollinnolan Avatar for irasdad Avatar for 26degreesrising Avatar for lastroth Avatar for leftcoaster Avatar for pine Avatar for fiftygigs Avatar for darrtown Avatar for thunderclapnewman Avatar for tena Avatar for prometheus59650 Avatar for jim195 Avatar for edhedh Avatar for susanintheoc Avatar for castor_troy Avatar for justruss Avatar for autumnwinds Avatar for Thane Avatar for LeeHarveyGriswold Avatar for ClutchCargo

Continue Discussion
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Deputy Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front End Developer:
Senior Designer: